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Individual transferable quotas versus auctioned seasonal quotas: An experimental investigation

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  • Moxnes, Erling

Abstract

Fishery policies have largely developed in response to revealed problems with existing policy instruments. The last major innovation is the introduction of individual transferable quotas, ITQs. Experience thus far is promising. However, if history repeats itself, it is pertinent to start exploring further improvements. Among other things, concerns may be raised about the efficiency of ITQs, financial risks to owners of quotas and fishing vessels, and problems with fairness and collection of resource rent. These issues are studied with a laboratory experiment. Different from previous experiments it allows for trade of both quotas and vessels. In addition, the experiment tests an alternative institutional arrangement, namely auctioned seasonal quotas, ASQs. Neither of the two systems turns out to be as perfect as economic theory predicts. While the two systems are similar in some respects, the ASQ system allows for taxation of resource rent, and surprisingly, it may be the system with the lowest financial risk for fishing firms.

Suggested Citation

  • Moxnes, Erling, 2012. "Individual transferable quotas versus auctioned seasonal quotas: An experimental investigation," Marine Policy, Elsevier, vol. 36(2), pages 339-349.
    • Handle: RePEc:eee:marpol:v:36:y:2012:i:2:p:339-349
    DOI: 10.1016/j.marpol.2011.07.003
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    Cited by:

    1. Tanaka, Kenta & Higashida, Keisaku & Managi, Shunsuke, 2014. "A laboratory assessment of the choice of vessel size under individual transferable quota regimes," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 58(3), July.
    2. Sjur Didrik Flåm, 2020. "Rights and rents in local commons," The Journal of Mechanism and Institution Design, Society for the Promotion of Mechanism and Institution Design, University of York, vol. 5(1), pages 119-140, December.
    3. Pueboobpaphan, Suthatip & Indra-Payoong, Nakorn & Opasanon, Sathaporn, 2019. "Experimental analysis of variable surcharge policy of taxi service auction," Transport Policy, Elsevier, vol. 76(C), pages 134-148.

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